On June 8, 2018, about 0753 mountain daylight time, an Aerovodochody L29 Deflin airplane, N4323N, was substantially damaged during a visual approach to Moriarty Airport (0E0), Moriarty, New Mexico. The pilot and flight instructor suffered minor injuries. The airplane was registered to and operated by the pilot under the provisions of 14 Code of Federal Regulations Part 91 as an instructional flight. Day visual meteorological conditions prevailed for the local flight, which departed about 0745 without a flight plan. Following his recent purchase of the vintage, single-engine, turbine powered trainer airplane, the pilot was receiving his second training flight and accomplished a takeoff and traffic pattern for Runway 26. While on final approach, the flight instructor told the pilot to increase engine power after the airplane descended below glide path with a slow airspeed. After the engine did not respond as the flight instructor expected, he assumed control of the airplane and applied full power. The airplane continued to settle and impacted the ground about ½ mile short of the Runway 26 threshold, damaging both wings. The flight instructor stated that he had "let his guard down" during the final approach and had not intervened quick enough as the airplane descended below the glide path. He was aware of the engine's "slow spool up" characteristic and viewed this issue, as well as the high-density altitude conditions, as contributors to his inability to counteract the airplane's sink rate after applying full power. The pilot did not recall details of the final approach due to a concussion that he suffered during the accident. Although a previous military navigator, the pilot was not experienced piloting a turbine powered airplane. The flight instructor did not realize the pilot's military flight experience occurred as a navigator.