On July 2, 2006, at 1155 eastern daylight time, a Nickel Acro II, N6N, registered to a private owner, operating as a 14 CFR Part 91 instructional flight, collided with power lines and the runway on final approach to runway 22 at Craig Craft Airport, Hertford, North Carolina. Visual meteorological conditions prevailed and no flight plan was filed. The airplane received substantial damage. The commercial pilot flight instructor (CFI) received serious injuries, and the commercial pilot receiving flight instruction reported minor injuries. The flight originated from Craig Craft Airport on July 2, 2006, at 1150. The pilot receiving instruction stated he had recently purchased the airplane and was receiving instruction from the CFI in the tail wheel airplane for insurance purposes. He and the CFI departed earlier in the morning and had conducted touch and go landings at three different airports to include the accident airport before they stopped to refuel the airplane. After refueling the airplane he and the CFI took off and flew back to the accident airport to do more touch and go landings. The pilot stated, "both my instructor and I were aware of the power lines." They entered the traffic pattern and the pilot made another touch and go landing. The pilot remained in closed traffic, turned final approach for the second touch and go landing, and the airplane collided with the power lines. The power lines separated, the airplane collided with the runway, and collapsed the main landing gear. When asked why the airplane collided with the power lines, the pilot stated, "we simply did not see them on this approach."