On February 7, 2004, approximately 1328 central standard time, a Cessna 172-SP single-engine airplane, N2124Z, was destroyed upon impact with terrain following a loss of control during take-off from Runway 35 at the Collin County Regional Airport (TKI), near McKinney, Texas. The student pilot, who was the sole occupant of the airplane, received no injuries. The aircraft was registered to and operated by Flying Monsters, Inc., of Plano, Texas. Visual meteorological conditions prevailed and a flight plan was not filed for the Title 14 Code of Federal Regulations Part 91 solo instructional flight. According to the 20-hour student pilot, he performed a complete preflight check of the aircraft and obtained all necessary clearances to taxi to and depart from Runway 35. The pilot stated that he and his instructor stayed in the pattern and performed a number of touch-and-go's and one go-around. The pilot reported that after the landings, he taxied to parking and shutdown the aircraft in accordance with the checklist procedures. The student pilot then reported that his instructor signed him off for his solo, and then he went back out to the aircraft and performed a visual inspection and walk-around of the aircraft. He stated that he followed normal startup procedures and received all necessary clearances to take-off on Runway 35. The pilot reported that he approached the runway threshold, "evened out" the rudder pedals, and throttled up. Prior to lift-off, the pilot reported that he lost directional control of the aircraft as it turned to the left, and he tried to compensate with right rudder. The pilot stated that the aircraft continued its left hand turn into a grassy area, and he powered down by pulling out the mixture control and concentrated on preventing the aircraft from rolling over. The student pilot reported that the aircraft hit a raised grassy embankment that resulted in the separation of the nose gear from the aircraft. The pilot added that the aircraft skidded along the concrete, and when the aircraft came to rest, he pulled out the ignition key and exited the aircraft. After the pilot exited the aircraft, he noticed that the aircraft was on fire. Examination by an FAA inspector who responded to the accident site, revealed that the nose gear had sheared off and that the left wing sustained structural damage. Ground scars, corresponding to propeller blade strikes, were found adjacent to the wreckage. At the time of the accident, the winds were reported from 030 degrees at 7 knots. The aircraft was consumed by a post-impact fire.