Broken Smiles revamp

Well, I am no professional by any means, but I like analyzing things, so here we go.
The drawing initially and immediately catches the audience's attention, mostly in part to the skull and generally macabre images, I think. As far as the technique, the drawing looks very nice; The shading isn't perfect, but it definitely delivers the depth of the objects in the drawing. The abstract bubbles or spheres look good and I actually particularly like the movement at the top of the drawing with the scattered bubbles and the outreaching tentacles. The perspective on the figure and the skull seem to be a little off, but they're still drawn well.
With all that being said, I'm actually not sure what the story being told here is. Obviously there is one, and the drawing does make the audience feel solemn, sad, or maybe slightly repulsed, but I'm not sure why we should. Or to better put it, I think I would feel more so if I could figure out the story.
Overall though, I still think the drawing is very nice. Maybe a little unpolished, and still confusing to me as far as what it says, but it does invoke a solemn and somber feeling, obviously meant to make the audience a little sad.
If only it was clearer as to why.