whats wrong with this formula?

it just return "value" sign when time reach 0:00:00 and onwards
could it be my pc time and setting problem?
here the example.
time calc if >3mins then return missing log text
formula:=IF(A2 - A1 > TIMEVALUE("0:03"), "Log Missing", "")
23:56:16.64



23:58:28.14



0:00:38.25 #value!



0:02:48.74 #value!

I find it simpler to enter 00:03:00 in a spare cell, and then reference that cell in any formulas. Try it, and if still not working, zip your spreadsheet and attach it

Another option is to change TIMEVALUE("0:03") to 3/1440.

That formula is OK as it stands.

=#VALUE! error will be caused if either A1 or A2 are text values (that can't be coerced to times). Where does the time data come from?