Like The Outwaters, it commits the cardinal sin of any found footage movie during its climactic moment: Breaking objective reality as shot by the camera. We're supposed to witness what the camera is witnessing, not what the guy sees in his mind's eye. (There's something similar once the credits roll for the film within the film, which I didn't have any issues with, but it doesn't go anywhere interesting)

I mean, a whole bunch of dull shit happens for over an hour before we even get to the anthropomorphic amphibian in question, but unlike The Outwaters, I had the sense that the filmmakers had their heart in the right place.