A mobile application company known for rewarding users, now has its hand out. Viggle Inc. (OTCMKTS: VGGL) plans to raise additional cash through debt and equity offerings.

The New York-based company, which developed a downloadable application that matches the audio of television show to a mobile device as a way to build up points that can redeemed for various prizes. Viggle's accountant has expressed doubt about the company's ability to continue without the threat of liquidation.

In a recent filing with the U.S. Securities and Exchange Commission, Viggle cited a history of recurring losses and working capital deficiencies. The company's future depends on obtaining the necessary debt and equity financing to continue developing the business. Viggle's management plans to raise additional capital through equity and debt offerings.

Although it's still not profitable, Viggle generated $5 million in revenue for the quarter ended Dec. 31, a 30 percent increase over the company's revenue for the quarter ended Sept. 30. Viggle attributes its revenue primarily through video advertising.

For the quarter ended Dec. 31, Viggle had a $12,619 operating loss, a decrease from the $36,192 operating loss that it experiencing during that time in 2012.

The company also increased its users. Viggle had about 3.7 million users registered for its app at the end of 2013, which represents an increase of 127 percent when compared to the end of 2012.

In 2013, Viggle bought Wetpaint, a media and technology company that supplies news coverage of entertainment and fashion. Last year, the company also developed Viggle Music, a product that audio matches music and allows users to earn "Viggle Points" that can be redeemed for rewards, such as electronics, trips and gift cards.

In September and December, the company-in connection with lender Deutsche Bank Trust Company Americas-restructured its debt. Viggle originally had a $10,000 loan with Deutsche Bank, then increased the loan to $30,000 in December, and moved the maturity date to April 30, 2014.