Preheat oven to 325 F.
Line two 9-inch round cake pans with parchment paper. Spray with oil.
Place dry ingredients in the bowl of a mixer. Add sugar.
Add butter and beat for 1 minute.
In a separate bowl combine egg, egg whites, coconut milk, coconut oil (should not be hot!), shredded coconut, vanilla and coconut extract.
Add 1/3 of the wet ingredients to the dry ingredients and beat until just combined.
Repeat adding another 1/3 of the wet ingredients and beating until combined. Add the remaining wet ingredients.
Divide mixture between the two pans and bake for 35-40 minutes or more, if needed, until the cake is cooked and tops are golden.
Transfer pans to a wire rack and cool completely. Refrigerate for up to 2 days if needed, making sure cakes are wrapped in plastic and aluminum foil.
When ready to assemble, cut off domes (if any).