• Preheat the oven to 325F. Spray a donut pan with cooking spray.
• In a large bowl, combine the flour, sugar, baking powder and salt. In another bowl, combine the coconut milk, eggs, coconut extract, butter and oil. Stir the dry ingredients into the wet ingredients, mixing just until combined.
• Transfer the batter to a large zip top bag and cut off one corner. Pipe the batter into the donut pan, filling each about 2/3 full.
• Bake the donuts for about 10 minutes, until a toothpick inserted in the center comes out clean. Remove to a wire rack to cool.

Once the donuts are cool, make the icing:

• In a bowl, whisk together the powdered sugar, coconut milk and coconut extract. Carefully dip the tops of the donuts into the icing. (The icing is a little bit thicker, so use a spoon to spread the icing if needed.)
• Immediately dip into toasted coconut. Return the donuts to a wire rack for the icing to set up.