On May 10, 1998, at 1145 central daylight time, a Cessna 172P airplane, N99570, was substantially damaged following a loss of control during initial takeoff climb near Georgetown, Texas. The flight instructor and the student pilot were not injured. The airplane was owned and operated by I Can Aviation Inc., of Georgetown, Texas, under Title 14 CFR Part 91. Visual meteorological conditions prevailed for the local instructional flight for which no flight plan was filed. The flight departed from the Georgetown Municipal Airport approximately 30 minutes prior to the accident. According to law enforcement personnel that responded to the accident site, the 18 hour student pilot was undergoing a phase check with his flight instructor. While demonstrating a soft field takeoff from runway 36, the student pilot held the nose of the airplane in a very high attitude after the airplane broke ground. The flight instructor stated that "the airspeed decayed rapidly and the airplane stalled." He added that he took the controls "too late to rescue the airplane." Subsequent to the stall, the airplane landed hard on one wheel and started to drifted off the runway. The operator reported that the airplane came to rest in the infield area, approximately 65 feet from the runway. Examination of the airplane by the FAA inspector revealed that both wings, the fuselage and the engine firewall sustained structural damage.