The bare stem was the flower spike - it is natural for the flowers to drop eventially. The plant, however, is in distress. Those leaves on the flower spike is a keiki (Hawaiian for baby). If it grows roots, you can remove it and plant it in its own pot. You'll need roots that are around 7-8 cm long though. The plant is trying to survive. The leaf at the base may be a new growth (like the branch of a tree). That is another wat that it may be trying to survive. Don't cut that, it's not a separate plant.
Phalaenopsis don't go dormant. Eventually flowers drop, but the plant grows (or tries) continuously. If it is in its original mix, take it out, NOW. That old mix is likely a root-killer, though being large bark, maybe not so bad. When you unpot it, rinse the roots well. The outer coating (the velamin) is probably rotten, you can remove it easily with your fingers. Leave the core of the root(s) - the bare stringy things, They may be able to hydrate the plant, though not efficiently, but also will help to keep it stable in its new mix (sphagnum or medium bark, your choice), which is very important when it's growing new roots. When you water, it should flow through the pot, and then drain well - orchid roots want humid air, not soggy wet. Fresh medium will dry out faster, so water based on the plant's needs not the calendar. Read through the first few pages of this "sticky" thread
The Phal abuse ends here. and you'll learn alot about how to care for it.
New leaves at top of stem
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