On February 23, 2006, at 1345 eastern standard time, A Cessna 172L, N3803Q, registered to SBA Leasing LLC, operating as a 14 CFR Part 91 instructional flight, went off the end of the runway on landing roll out at Long Island Airport, Long Island, North Carolina. The airplane received substantial damage. Visual meteorological conditions prevailed and no flight plan was filed. The commercial pilot flight instructor (CFI) and student pilot reported no injuries. The flight originated from Lincoln County Airport, Lincolnton, North Carolina, on February 23, 2006, at 1315. The CFI stated upon arrival at Long Island the student pilot entered left traffic for runway 05. The first approach was long and ended up in a go-around. The student pilot turned crosswind and reentered left traffic for landing. The student pilot touched down half way down the runway with full flaps. The CFI realized the sod runway was wet. The student pilot applied brakes and CFI got on the flight controls and brakes with student pilot. The airplane went off the end of the runway, into the overrun, collided with a ditch/gully, and nosed over inverted. When the flight instructor was asked what caused the accident he replied, "the student pilot failed to achieve the proper touchdown point on landing and his inadequate supervision of the student pilot." When the flight instructor was asked if the airplane experienced any mechanical problems before the accident, he stated no.