On May 2, 2018, about 1000 central daylight time, a Robinson R-22 Mariner helicopter, N923SM, operated by N923SM LLC., was substantially damaged during a forced landing near Panama City Beach, Florida. The commercial pilot received minor injuries. The flight was operated in accordance with Title 14 Code of Federal Regulations Part 91 as a positioning flight. Visual meteorological conditions (VMC) prevailed and no flight plan was filed for the flight that departed Perry-Foley Airport (40J) Perry, Florida at 0830, that was destined for Destin Executive Airport (DTS), Destin, Florida. The pilot reported that about 90 minutes after departing 40J, while in cruise flight at 80 kts and 800 ft mean sea level (msl), the helicopter slowly started losing airspeed; he pushed the cyclic forward, but the airspeed kept decreasing and the helicopter was beginning to lose altitude. He continued to push the cyclic forward until it hit the stop and then realized he had no cyclic authority. The pilot stated there was no forward airspeed and the helicopter continued to descend until it impacted the water with nearly zero forward airspeed and little flare. The helicopter floated briefly until waves struck the side of it and it turned inverted. Prior to the flight, the pilot was conducting a preflight inspection, which included removal and storage of the blade tie down ropes and associated "socks" that cover the rotor blade tips. During this procedure, the pilot removed the tie down ropes and thought he placed them under the left cockpit seat storage container. In addition, the flight was conducted with the doors off; they were not installed on the helicopter. A coworker and fellow pilot was flying in formation with the accident helicopter about 700 ft msl. He was at the 5 o'clock position of the accident helicopter at the same altitude when he noticed that the helicopter slowed from about 80 knots to 30 knots in about 15 seconds. He reported that "I felt something wrong and flew to his 10 o'clock position to see what was happening to him." The pilot further reported that the helicopter was descending in a reverse gliding attitude and struck the water with the tail boom first, before rolling upside down. Witnesses on the ground from the United States Coast Guard and salvage company stated that the tie down ropes used for the rotor blades were found wrapped around the rotor head assembly, swash plate and pitch control rods. The ropes remained in place when the Coast Guard and recovery team arrived prior to the recovery operation taking place. According to the pilot and Federal Aviation Administration (FAA) records, the pilot held a commercial pilot certificate with a rating for rotorcraft-helicopter as well as a flight instructor certificate with a rating for rotorcraft-helicopter. The pilot reported 467.7 total hours of flight experience and 467.7 of those hours where in the accident helicopter make and model. In the previous 90 and 30 days, the pilot reported about 50 hours and 20 hours respectively. According to the FAA airworthiness and the helicopter's maintenance records, the two-seat, semi-rigid single-main-rotor, single-engine helicopter, serial number 1923M, was manufactured in 1991 and was issued a standard airworthiness certificate. The helicopter was equipped with floats and powered by a 160-horsepower Lycoming O-320-B2C series engine, which had 4,988.6 hours total time. As of the most recent annual inspection completed on December 28, 2017, the airframe had 6,988.7 hours total time. The current airframe and engine logbooks were on the helicopter at the time of the accident and were lost. Examination of the helicopter by an FAA inspector revealed that the main rotor blades were deformed, the fuselage was substantially damaged, and the tail boom was partially separated. In addition, a tiedown rope and blade sock used to secure the helicopter rotor blades on the ground was found tightly wrapped around the swash plate and pitch change links of the main rotor. At 0953, the weather recorded at Northwest Florida Beaches International Airport Panama City (ECP), Florida, about 12 miles north of the accident site included no clouds or restriction to visibility, wind from 140° true at 9 knots, and visibility 10 statute miles. The temperature was 20°C, and the dew point was 18°C. The altimeter setting was 30.27 inches of mercury.