Projector causing image to appear hollow

I'm working on a shooter, using projectors to display objects (so they can seem to move and follow the texture of a rough surface). I noticed that the textures are being displayed rough, and hollow. If you look at the screenshot, the grey areas should be filled in, and the center blue circle should be a thick circle, not concentric thin circles. The image is a PSD file with transparency, the shader is Projector/Multiply, and the only real change to the projector is that it's Orthogonal. What's going on here?