Yota Devices postponed the release of its YotaPhone 3 smartphone due to a lack of funds to take it to manufacture, according to reports.

The vendor is known for its dual-screen device, which features a traditional panel on one side, and low-power e-ink display on the other. So far, two generations of products have launched, although its last unveiling was in late 2014.

According to Russian site Cnews, the company was not allocated funds for manufacture by shareholder Rex Global Entertainment. While development of the device was completed in line with a release last year, this did not take place due to the financing issue.

Yota is now reported to be looking for external sources.

The company previously used Indiegogo to raise cash to take Yotaphone 2 to the US. Despite being well supported, this project was cancelled due to supply issues.

With little news from the company for some time, there was some belief the YotaPhone project was dead. However, earlier this month, an Instagram post from the company said it is “developing the third generation” of the smartphone.

Rex Global Entertainment was originally due to take an almost 65 per cent stake in Yota Devices, but this was later revised to around 30 per cent.