Despite being one of Kickstarter's greatest video game-related success stories, Ouya, Inc. is putting itself up for sale to reduce its overwhelming debt.

The Ouya Kickstarter launched back in 2012 with an initial goal of $950,000. Having raised over $8.5 million in its crowdfunding campaign, Ouya became one of the first microconsoles to hit the gaming market. Now, Fortune reports that the company was unable to meet the conditions of its investors and that its board members were unable to negotiate a new deal in regards to handling its staggering amount of debt. NPD sales reports indicate that the Ouya microconsole has had overwhelmingly low sales since making its retail debut back in June 2013, despite its $99 price tag. Unfortunately, overwhelming competition from Sony, Microsoft and Nintendo's video game platforms combined with other microconsoles and set-top boxes (like Amazon's Fire TV, Sony's PlayStation TV and Apple TV) in the marketplace have pushed the Ouya into a corner.

Ouya CEO Julie Uhrman was said to have emailed a memo to her investors and advisers that revealed the company's struggles with debt, saying that the company would have to find a new buyer before the end of the month. Even though Ouya partnered with the popular Asian smartphone company, Xiaomi, to introduce its games to China, the company has been struggling to stay afloat against some of the most recognizable brand names in the video game, set-top box and microconsole markets.

Stay tuned as we'll provide up-to-date coverage on Ouya once more information is available.