BoldFace Group Inc., the developer of the Kardashian Beauty brand, may need to sell assets or restructure debt in order to stay in business.

The Santa Monica, California company focuses on licensing beauty, fragrance and personal- care brands. The company designs, manufactures and sells branded cosmetics, hair-care products, body and home fragrances, skin-care products and other personal-care items through multiple distribution channels.

BoldFace develops, markets and sells the Kardashian Beauty brand, which uses the faces of realty television personalities and boutique owners Kim, Khloe and Kourtney Kardashian. The Kardashian family originally came into the spotlight when the late Robert Kardashian (father of Kim, Khloe and Kourtney) served on the defense team of former NFL player O.J. Simpson, who was acquitted of murdering his wife Nicole Brown Simpson and her friend Ronald Goldman. Adding to the family’s notoriety, Robert's ex-wife Kris (mother of the reality TV stars) has been married since 1991 to Bruce Jenner, the track and field star who won the gold medal in the Decathlon at the 1976 Summer Olympics. The family has been the subject of various reality TV shows, including "Keeping Up with the Kardashians," "Kourtney and Kim Take Miami" and "Khloe & Lamar," which air on the E! network. Reports indicate the popularity of the Kardashian TV shows has been declining in recent years.

BoldFace is currently developing products that will be licensed with television host Mario Lopez and toy brand Uglydoll. The company is exploring additional celebrity licensing agreements and seeking to raise additional capital.

BoldFace brought in about $4.3 million in revenue for the nine months ended March 31, compared with about $5.4 million in revenue for the nine months ended March 31, 2013. The company suffered a net loss of about $7.3 million in that nine month period for 2014, compared with a $1.3 million loss the previous year in the same time period, the company says in a June 20 filing with the U.S. Securities and Exchange Commission.

Auditor Friedmanj LLP raised substantial doubt about BoldFace’s ability to continue as a going concern, or without the threat of liquidation, in an October 15 SEC filing, because of a history of losses and need for capital. BoldFace has been financing operations with money from private placements and the factoring agreement.

The company's ability to continue as a going concern depends on generating enough cash from operations, raising additional equity, or debt financing through a factoring arrangement. The company is anticipating spending more money to pay for licenses, invest in inventory for the Kardashian Beauty brand, and for research and development.

"The company currently does not have a specific plan of how it will obtain such funding and/or generate sufficient revenues to meet its operating requirements," BoldFace says in the June 20 filing. If the company can't raise enough money, it may have to sell assets or restructure debt.

For the previous edition of Turnaround Tuesday, see "After Restructuring, Panache Defaults." For more struggling companies, see Mergers & Acquisitions Distressed Company Watch List.