1. Preheat oven to 350°F (176°C) and prepare a 9×13 inch cake pan with non-stick baking spray.
2. Add the flour, sugar, baking powder and salt to a large mixer bowl and combine. Set aside.
3. Add the milk, vegetable oil, coconut extract and eggs to a medium sized bowl and combine.
4. Add the wet ingredients to the dry ingredients and beat until well combined.
5. Slowly add the hot water to the batter and mix on low speed until well combined. Scrape down the sides of the bowl as needed to make sure everything is well combined.
6. Pour the batter into the prepared cake pan and bake for 28-30 minutes, or until a toothpick comes out with a few moist crumbs.
7. Remove the cake from the oven and poke holes all over the top of the cake.
8. Combine the sweetened condensed milk and cream of coconut and pour over the top of the cake, allowing it to soak into the holes. Let cake cool completely.
9. To make the whipped cream topping, place the heavy whipping cream, powdered sugar and coconut extract into a large mixer bowl. Whip on high speed until stiff peaks form.
10. Spread the whipped cream over the top of the cake and cover with toasted coconut.
11. Refrigerate the cake until ready to serve. Cake is best for 3-4 days.