We really like your design. If you could take a look at entry #4 and try to capture the dots for the light coming out of the 'k' and then also looking at entry #26 how a cloud surrounds the whole logo or top half of the logo like in entry #17. We also like the 'o' which is in shape of a cloud in entry# 43.
You nailed it on the cap and tassel and the strength of the font pop in the letters. Great job so far!