The non-certificated pilot was flying an unregistered light sport airplane when he experienced a loss of engine power. The pilot stated that he attempted to deploy the ballistic parachute but was unable due to the parachute's safety ring not being properly attached. The pilot then attempted to perform a forced landing to a field but inadvertently stalled the airplane. The airplane impacted terrain resulting in substantial damage to the airplane. An examination revealed that the engine's oil injection pump has failed and that the safety ring for the parachute had vibrated loose. The engine was not being maintained by a maintenance inspection program and maintenance documents were not available. The pilot was not aware that the airplane needed to be registered with the Federal Aviation Administration.