Years ago, I found a "bargain bin" copy of this film for a buck or two. In so many ways, this is quite fitting, as when it was made back in 1933, it was truly a cheaply made film by the "poverty row" studio, Majestic. However, while the film is rather derivative, it is STILL well worth watching and provides a few surprises.
The story is very, very familiar, as in some Germanic town, the people are upset because of some recent deaths that appear to be the work of vampires! Adding to this familiarity is Dwight Frye. He played Renfield in Dracula, and here he is very, very similar--though he plays a much more harmless weirdo. In this case, he's obsessed with his pet bats and people begin to blame him for the deaths. The film does a good job of providing some "red herrings" (i.e., false leads) and while it doesn't take a genius to figure out Frye may not be responsible, the WHO and WHY are intriguing and make it VERY different from the average horror film. In addition, while the production had little money to speak of, it still had some good actors of the day--Lionel Atwill and Melvin Douglas--and it also used Universal Studios sets at night (when they were done filming for the day). As a result, the film looks pretty good overall, though I also thought that, as usual, Fay Wray was terrible--thought it didn't noticeably detract from the film. I have seen her in more movies than most people on IMDb and I have come to notice that her characters have no depth--she always seems to be cast as the "screaming lady" and provides little new in each film.
Overall, for fans of old horror films, this is excellent and worth seeing. For people who are NOT fans of the genre, it's probably pretty skip-able.

This rip off of the 1984 hit "Gremlins" is quite possibly the biggest train wreck of a movie ever made. Even for a 'B' grade movie, all other cheap horror movies on the same platform completely dwarf this movie in terms of plot, acting, and goodness.
It begins with a random old security guard and the younger punky security guard whose name is of no importance. Why? Because a few minutes into the film he walks into the 'forbidden' safe, and is killed whilst living out his fantasy of being a rock star in a cheap pub.
This is just an appetizer for the scat-filled main course. The main character, KEVIN, struggles various times to prove himself as more than a total pussy. Perhaps he succeeds within the film, but to the audience he proves himself as nothing more than a bad actor. Kevin gets himself a job with the old security guard, and is guided through his security shift in the (wait for it) abandoned studio lot. Yes why bother making a set when you can just use the studio itself. Back to the film. Kevin somehow opens the forbidden safe and releases the Hobgoblins. The Hobgoblins force people to live out their wildest fantasies and then kill them for some reason. They must be returned before sunrise or else...or else what? Exactly.
Other characters include Kevin's 'macho' army friend NICK, Nick's 'woman' DAPHNE whose character has no more substance than a bitch-slut attitude and prostitute worthy outfits. There is Kevin's manipulative and 'reserved' girlfriend AMY, whose deepest desire is apparently to be a badly portrayed Cher look-alike with fishnet stockings with a pair of blue grandma underpants on top.. Don't ask me how that works. Quite possibly the most entertaining character of all is KYLE. How such groups of friends are made is up for question. Kyle is a perverted creep who can't go an hour without self-stimulating. His hobbies include calling up sex-chat lines from other people's houses and most likely sniffing underwear.
The story unfolds as the heroes search for the Hobgoblins: knee-high creatures (aka. hand puppets) which, for some reason, attempt to travel no further than the borders of the local neighborhood. Each of the characters eventually lives out their wildest fantasy which never has anything to do with having millions of dollars... or the film having a big budget.
WARNING SPOILERS AHEAD: The twist at the end of this movie will leave the watcher wondering "What?". The Hobgoblins are returned to the safe by...their own free will. Perhaps they lost patience waiting for sunrise to wreak havoc, or perhaps the story-writers got writer's cramp and decided not to worry about the ending. Upon returning to the safe, the old security guard reveals "What he learned in the military" and detonates explosives which destroys the safe, signaling the end of the evil Hobgoblins and the end of this roller coaster ride; better fitted to a ride on an escalator.
The sheer badness of this film is enough to send someone to tears. If you plan to watch it, I recommend a few alcoholic drinks beforehand to take any serious consideration of the film out of mind.