On January 1, 1997, about 1341 eastern standard time, a Cessna 150K, N5813G, registered to a private individual, was substantially damaged during a forced landing near the Daytona Beach Regional Airport, Daytona Beach, Florida. Visual meteorological conditions prevailed at the time and no flight plan was filed for the 14 CFR Part 91 personal flight. The private-rated pilot and one passenger sustained serious injuries. The flight originated about 1 minute earlier from the Daytona Beach Airport. The pilot stated that before departure he was aware that one of the fuel gauges was inoperative and during the preflight of the airplane he used a wooden stick that was labeled half and full. Before departure on the first leg the fuel tanks were slightly less than full. The flight departed, performed airwork, then flew south to the Kennedy Space Center (KSC) where a fly-by was performed. The flight continued south of the KSC and performed a full stop landing at an airport. Before departure the pilot checked the fuel tanks using the stick and it indicated 1/2. The flight departed and he performed a full stop landing with taxi back at another airport then continued to the Daytona Beach Airport. He performed two touch-and-go landings then during the landing roll of the third, after applying power to go around, he recognized that the engine was not developing full power. With insufficient runway remaining, he elected to continue and about 200 feet above ground level, the engine began coughing and the propeller stopped. With obstructions ahead the pilot intentionally stalled the airplane which collided with concrete blocks. He further stated to a police officer that the engine may have quit because he ran out of fuel. The airplane was examined the following day by an FAA airworthiness inspector who stated that when he arrived, the airplane was in the process of being dismantled. The non-ruptured fuel tanks were drained and found to contain 3.0 gallons of fuel. According to the airplane type certificate data sheet, the total unusable fuel quantity is 3.5 gallons. Following recovery of the airplane the engine was started and operated to about 750 rpm. Impact damage prevented engine operation to full rated rpm. No discrepancies were noted during the engine run.