I have this structure of an app (node_modules dir excluded from this list):
node_modules
├── actions.js ├── bundle.js ├── components │ ├── App.js │ ├── Foote
Had the same issue with module not found. Turns out I had a component import Picture from './Picture/Picture'; at the very bottom of all the imports. When I moved it below import React, { Component } from 'react';, it worked.
import Picture from './Picture/Picture';
import React, { Component } from 'react';