On July 18, 2005, at 1630 eastern daylight time, a Aircraft Manufacturing and Development Company CH 2000, N240AM, registered to Midwest Air Sales Inc., operated by Boyette Aviation Inc., as a 14 CFR Part 91 instructional flight, landed hard after a bounced landing at the Smith Reynolds Airport, Winston-Salem, North Carolina. Visual meteorological conditions prevailed and no flight plan was filed. The airplane received substantial damage. The student pilot reported no injuries. The flight originated from Winston-Salem on July 18, 2005, at 1625. The accident was reported late to the NTSB on July 20, 2005, by the operator. The certified flight instructor (CFI) stated that he and the student pilot initially departed from Mount Airy, North Carolina, and flew to Winston-Salem, North Carolina. The student pilot demonstrated touch and go landings to runway 22. Upon completion of the touch and go landings the airplane was taxied to the terminal and shut down. The CFI stated he and the student pilot exited the airplane and he conducted some ground school training with the pilot. The CFI made an endorsement in the student pilot's logbook before allowing him to depart on the solo flight in closed traffic at Winston-Salem. The student pilot went outside and conducted a preflight inspection and entered the airplane. The student pilot started the airplane, was observed to taxi to runway 22 and complete an engine run up before departing. The student pilot departed and climbed to 2,000 feet MSL on the downwind. The CFI heard the pilot on the radio having some communication with the control tower operator. The airplane was observed to turn base at 2,000 feet before starting its descent to 1,700 feet on final approach. The CFI heard a reduction in power and observed full flaps as they were extended by the student pilot. The airplane was observed to come over the landing threshold at 100 feet. The CFI stated, "the student pilot rounded out at 5 feet AGL and bounced the airplane. The airplane climbed to 10 feet above the runway and the student flared high. The airplane stalled at 10 feet and landed hard on all three wheels. The result of the hard landing was the buckling of the lower right firewall."