According to The Hollywood Reporter:
The story deals with a secret piece of legislation signed by Abraham Lincoln in 1863 called the Unique Lands and Species Act. The brothers uncover the mystery of the historic document and its lost world, Cutlass Island. The fantasy adventure is in the vein of Harry Potter and Jurassic Park, with the boys swearing to protect the islands against those bent on destroying them.
McNulty told them "This is a big, four-quadrant, family entertainment film, and I think it's something that is completely within the 21 Laps wheelhouse [his production company] and the kind of films we want to make here."
Regency has been getting rather lax in their quality standards lately, releasing the horror film Shutter, sci-fi thriller Jumper, and the spoof film Meet the Spartans in just the past few months alone.