10. Loans Receivable

A breakdown of the loans receivable terms and balances are as follows:

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The loans receivable balances are subject to interest ranging from 8.0% to 12.0%. Accrued interest receivable was $68 as of December 31, 2022 and is included in loans receivable on the consolidated balance sheets. Interest income was $67 and $1 for the years ended December 31 2022 and 2021, respectively, and included in interest income on the consolidated statements of income and comprehensive loss.

During the year ended December 31, 2022, the Company recorded an additional provision for credit losses of $1,677 after performing analysis of its CECL reserves for each loan outstanding.

Advances for Standard Farms OH Acquisition Target

During February 2019, the Company entered into a secured term loan agreement with Standard Farms OH, an unrelated party, for a financing of $2,683, in connection with the build-out of facilities and other agreed upon pre-operational expenses as set forth in the agreement (the “Build-Out Note”). The Build-Out Note replaced a previously outstanding promissory note with Standard Farms OH. In April 2019, the Company entered into a second secured loan agreement with Standard Farms Ohio for additional financing in two installments for a principal amount of $3,000 (the “Loan Notes”).The Loan Notes carry interest at a fixed annual rate of 5.5% and mature on April 11, 2029. On March 15, 2021, the Company completed the Standard Farms OH Acquisition. In accordance with the terms set forth, the amounts due under the Build-Out Note and Loan Notes were converted into 100% ownership interest in Standard Farms OH. Prior to the acquisition date, the Company had contributed additional funds of $139, resulting in an outstanding balance of $7,550 on the acquisition date. See Note 3 — Acquisitions for further details on the business acquisition transaction.

The following tables present an analysis of the credit quality of loans receivable, together with impairment losses recognized based on lifetime current expected credit loss (“CECL”) reserves:

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