PainterResource throws IllegalArgumentException: Only VectorDrawables and rasterized asset types are supported

I am working on a Jetpack Project which downloads an image from API using Coil Library.

I have confirmed that valid image URLs and related data are being returned from the API call successfully. I am able to view the image on my browser using the returned URL.

This is my Image Composable:

@Composable
fun AstroPhoto(picture: AstroPicture) {

    val imgUrl = picture.url.toUri()
            .buildUpon()
            .scheme("https")
            .build()
    
    AsyncImage(model = ImageRequest.Builder(LocalContext.current)
            .data(imgUrl)
            .size(Size.ORIGINAL)
            .crossfade(true).build(),

            placeholder = painterResource(R.drawable.loading_animation),
            contentDescription = picture.title,
            contentScale = ContentScale.Crop,
    )
}

I call the above image composable in a Lazy Column:

....
 Box( ... ) {
            
           LazyColumn(content = {
               
               items(state.astroPictures) {
               
                AstroPhoto(picture = it)
            } })
            
        }

This is the exception at I am getting:

FATAL EXCEPTION: main Process: com.uxstate, PID: 31790 java.lang.IllegalArgumentException: Only VectorDrawables and rasterized asset types are supported ex. PNG, JPG at androidx.compose.ui.res.PainterResources_androidKt.loadVectorResource(PainterResources.android.kt:93)

I am on compose_version = '1.1.1' working with kotlin_version = '1.6.10'. My coil version is "io.coil-kt:coil-compose:2.1.0" and compileSdk 32 and AS Chipmunk. Source code can be found here.

I have checked the docs and searched online but cannot resolve the error. Please help me to go about the error, Thanks.