What an utter waste of time. I wouldn't even call it a film school project, but rather a high school level project. The idea itself I suppose is OK; the execution just awful.
If I have to write ten lines of text about the movie, I will say that the story is awful, the acting is even worse, and the fact that it has been shot on an iPhone just doesn't make it any more interesting. I wonder if the inspiration came from the Blair Witch Project, which, frankly, I also found to be a pretty awful movie, in spite of the cult status it attained.
I suppose the 15 ratings it has received prior to mine, must have been from friends and family of the crew (or the crew themselves) trying to do them a favour, otherwise it is beyond me how anybody would rate this utter waste of time above 5, even if you are a fan of the genre.
I really wish I had not spent a bit more than an hour watching it, and I hope that my review may serve as a warning to anyone considering watching it.