Last month, news on a Pepsi smartphone made the rounds online. But now, it appears that the company is getting closer to its goal of competing in the mobile industry.

More details about the smartphone, dubbed as Pepsi Phone P1, have been released. It will be launched in China for an equivalent of $110 via a crowdsourcing campaign much like Kickstarter — JD Finance, as reported in Android Authority. However, it's uncertain if the campaign will generate the level of interest needed to make it successful.

For the specs, the leaked information from last month was spot on when it revealed that the device would have a 5.5-inch display with a 1080-pixel resolution, and that it would be powered by an octa-core MediaTek MT6792 processor clocking in at 1.7 GHz.

Being categorized as a midrange smartphone, the P1, which is made by Shenzhen Scooby Communication Equipment Co., has 2 GB RAM and 16 GB internal storage capacity. The device also has a 13-megapixel camera at the back and a 5-megapixel front-facing shooter for selfies.

It is compatible with 4G Long Term Evolution (LTE), Wi-Fi, and Bluetooth; it runs on Android Lollipop operating system (OS) and powers up using a 3,000 mAh battery. It also includes a fingerprint sensor, a microSD slot, ambient light sensor, gyroscope, and accelerometer. The phone is available in three color options: gold, silver, and blue.

As for the pricing, an early bid offer was available at $78, which already sold out, according to Clapway. The next bid offer at $110 will eventually expire and the smartphone will be priced at $156. The full price of the phone is pegged at $203.

Android Authority gathered that the crowdsourcing campaign has earned an equivalent of $89,000, which is still a long shot from its goal of $470,000. The deadline for the campaign is the Dec. 3. It remains to be seen if this project will be a real success once it passes the deadline.