On September 22, 1993, about 1800 eastern daylight time, a Cessna 172M, N20457, registered to Knight Flyers, Inc., was substantially damaged while maneuvering near Hollywood, Florida, while on a 14 CFR Part 91 instructional flight. Visual meteorological conditions prevailed at the time and no flight plan was filed. The student pilot, the sole occupant, was not injured. The time of departure has not been determined. The operator stated that the student was practicing approach to landing stalls with full flaps extended and the maximum flap extension speed was exceeded. The flight returned to the departure airport and an uneventful landing occurred. The FAA was notified on June 3, 1994, by the airport manager that the accident airplane had been damaged and repaired. The FAA investigated and notified this office on June 15, 1994. The airplane was inspected by an insurance adjuster the day after the accident and the operator was advised by the adjuster to contact the NTSB to report the accident. The operator did not report the accident within the required time allowed.