The Size of Watermelons (1996) on Netflix

Alex is the definition of loser. He has no, nor has he ever had, friends. His life has no direction and he has a stupid haircut. While attending the Venice Beach Art School, he meets Lizzy, Patrick and Gnome, who become his friends. When Alex figures out he should make a movie, he decides to do an "alternative political documentary in black and white" about Gnomes struggle to free Hawaii. He hires some brain dead film students and meets the girl of his dreams and he's all ready to make his movie. Until the first scheduled shooting date when Gnome, who has the budget, turns up missing.