its hard to understand why most of u ppl think it cost more than $300. It was less than 5minutes, he had very few ppl acting in it, he obviously used a consumer level hdcam and im assuming final cut, probably not avid media composer (hollywood standard non linear editing suite). the cgi took a huge amount of time, but didn't interrupt the editing process, assuming that he had a rough cut done and exported the QT and imported it into motion or after effects for the cgi.
he probably did the filming, editing, and cgi himself. so all in all, he only spent that $300 probably on the hd tape, and getting permits to film in his city, and probably some food for the actors rather than a paycheck.
just coming from someone who is in the film industry 😉