The flaws in the image are mostly techical: many lines have a bad looking outline, the square part isn't in the middle of the circle, some parts look to be salvages of several attempts.
The middle part looked like a single flat square, but now that the watermark is gone it's actually two triangles with some fashioned holes. The issue is that they don't look like holes at all: they cast no shadow and they don't seem to have any depth.
(I'm assuming they are holes rather than drawn upon as they take the color from the circle's shading underneath them.
The concept is cool tho, however you must learn to be neat and techical especially when doing logos.