The company needs a further £22m to keep going after August 27, and it is in talks to try and raise £15m in bridge financing to tide it over.
Scoot is also looking at the option of selling Loot, the advertising magazine it bought for £180m in July last year, but some analysts believe that Scoot would be lucky to sell it for half that amount.
The news came as the company announced it has sold its 50% stake in Scoot Europe to its partner Vivendi Universal, for a nominal sum of €1 (62p).
Scoot's share price nose-dived recently, when the company first admitted it had a cash crisis. A strategic review in June led to 285 job cuts and the company's CEO Robert Bonnier resigned.
The share price was temporarily lifted when Vivendi said it was in talks to buy Scoot, but Vivendi later pulled out and Scoot's share price continued its downward slide.
A change in strategy, involving upfront payments of yearly publishing fees and the scrapping of the free trial period for new sellers, has proved unpopular. The company said that the reduction in the number of new sellers has been higher than expected.
In mid-morning trading, Scoot's shares dropped by 11.11% to 2p. At the height of the dotcom boom in March last year, the shares had reached 351.5p.