Preheat oven to 350°F. Prepare a 9x13 inch baking dish.

In a large bowl, whisk together flour, sugar, baking powder, and salt.

In another bowl, combine milk, vegetable oil, coconut extract, and eggs. Add wet ingredients to dry ingredients and mix well.

Gradually stir in water until the batter is smooth. Pour into prepared baking dish.

Bake for 28-30 minutes or until a toothpick inserted in the center comes out clean.

While cake is baking, mix sweetened condensed milk and cream of coconut. Poke holes all over the warm cake and pour the milk mixture over top. Let cool.

In a large bowl, whip heavy cream with powdered sugar and coconut extract until stiff peaks form. Spread over cooled cake and sprinkle with toasted coconut.