Voice over in imovie

Hi all, I'm not able to record a voice over in imovie. I'm using the built in microphone and have selected that option in the box next to the record button. I've also tried the System Setting option.

I've tired recording by pressing the microphone icon and by selecting Record Voiceover in the drop down menu.

I've checked my system preference on my Macbook and my voice is recognized and the volume indicator goes up and down.

I've tried opening imovie while pressing the Option and Command key to clear the preference.

Nothing is working! I don't know how to fix this. Help please.