The steps to delete or edit a project are:

1. Open the edit mode of a task by selecting a task from a list.
2. In the detail view, click on the first panel on the right to expand it.
3. Mouse over the projects and it will reveal a edit pencil and a delete (x) icon.

For a short video on how to delete a project see this video: http://youtu.be/DBJXwMbLmFw