On October 2, 1998, about 1702 central daylight time, a Cessna 150M, N63447, registered to Southern Wings, Inc., collided with a ditch while landing at a private airstrip near Pocahontas, Mississippi. Visual meteorological conditions prevailed at the time and no flight plan was filed for the 14 CFR Part 91 instructional flight. The airplane was substantially damaged and the certified flight instructor (CFI) and student pilot sustained minor injuries. The flight originated about 1630, from Hawkins Field, Jackson, Mississippi. The CFI stated that before takeoff, he briefed what airwork maneuvers were to be performed and that he would simulate an engine failure by reducing the throttle to idle. After takeoff the student performed about 30 minutes of airwork then when near a grass airstrip, the CFI applied carburetor heat then reduced the throttle to idle to simulated an engine failure, as briefed. The student landed the airplane slightly long then he was slow to apply full throttle to go around. Recognizing insufficient runway to become airborne with trees ahead, the CFI aborted the go-around. The airplane traveled off the end of the runway and collided with a ditch.