... Well shit, alvin. It's a pink tentacle monster.
So what happens next?
The colored version looks pretty nice.
A few things that bug me right off:
1) The horizontal line that shows the monsters chest makes a tangent with the top of her head. That could easily be reworked to much much better effect. Either break the shape of her head or give it room to breath... but that line running right across the upper edge of the outline of her head isn't great.
2) Also you could easily work some more depth into the piece by adding some more tone/shadow to the grey behind the monster instead of just a single flat grey.
3) The too be continued type in that typeface just doesn't work.