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EXCEL - IDEA: XBRL DOCUMENT - Delaine CorpFinancial_Report.xls
10-K - FORM 10-K - Delaine Corpdlne_10k.htm
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EX-32.2 - CERTIFICATION - Delaine Corpdlne_ex322.htm
EX-31.1 - CERTIFICATION - Delaine Corpdlne_ex311.htm
EX-31.2 - CERTIFICATION - Delaine Corpdlne_ex312.htm
EX-32.1 - CERTIFICATION - Delaine Corpdlne_ex321.htm
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ASSIGNMENT OF INVENTIONS
12 Months Ended
Jun. 30, 2012
Weighted average shares outstanding [Default Label]  
Note 4 - ASSIGNMENT OF INVENTIONS

In July, 2010, the Company entered into an assignment agreement with its Director, whereby the Company’s Director assigned to the Company all title, right, and interest in and to the Lighted Ratcheting Wrench invention in exchange for 30,000,000 shares of the Company’s common stock, par value $0.001 (see Note 3).

 

As neither the common stock issued by the Company, nor the inventions assigned by its Director, are objectively measureable, the Company has offset the $30,000 in par value by a corresponding amount recorded in additional paid in capital, resulting in a net transaction value of $0.

 

Costs incurred to develop further the concept of the assigned inventions and filing for the patent protection of those inventions will be capitalized as intangible assets. During the year ended June 30, 2012, the Company elected to suspend its pursuit of the patent protection of the Lighted Ratcheting Wrench. Accordingly, previously capitalized patent costs, totaling $6,485 have been written off and recorded in sales, general and administrative expense, totaling $71,272 for the year ended June 30, 2012.