The more ZNGA tries to lure gamers to make in-game purchases, the more it risks alienating its consumers and pushing them to other developers. With a partner like Facebook (FB), who needs competitors? As Facebook's (FB) policies have become less favorable to game developers, ZNGA has focused more on pure mobile games. However, the Facebook platform still accounted for 86% of ZNGA's revenue in 2012, so the company remains vulnerable to further policy shifts by the social media giant. Analysts briefly touted the possibilities of online gambling for ZNGA, but the company has decided to forego that route. It is not clear from where the profits will come or that they will be sustainable if they do materialize. Red Flags Hidden in the Footnotes Everyone knows that ZNGA is not currently making money. However, many investors probably missed some of the accounting tricks that help ZNGA minimize its losses and hide its liabilities.