Error when trying to create a new movie in iMovie

I am currently using a late 2013 MacBook Pro with Retina Display, 2.4 GHz Intel Core i5 processor, 4 GB 1600 Mhz DDr3 Memory, and 121 GB Flash Storage, running OS X Yosemite 10.10.2.

I am having issues creating a new movie in my iMovie application (Versions 10.0.7). After selecting my theme and choosing a name for my new project I receive the following error message.

I have tried deleting and reinstalling the application, resetting the application preferences, deleting the application preferences and repairing the permissions. Nothing has worked. Thank you for your assistance.