Preheat oven to 350 degrees. Line 18 standard muffin cups with paper cupcake liners.

In a large mixing bowl, whisk together the eggs, vegetable oil, and water. Slowly whisk in the cake mix and whisk for 2 minutes. Divide the batter among the prepared muffin tins. Bake for 20 – 25 minutes or until a toothpick inserted into the center comes out clean. Let cool in the pans for 10 minutes then remove from the pan and cool on a wire rack. Using a sharp knife, insert at an angle at the top of each cupcake and cut out a circular cone of cake. Cut the top off the cone and save.

In a small saucepan, combine the coconut milk and 1/3 cup powdered sugar. Bring to a boil and let cook until thickened, about 1 minute. Stir in 1 1/3 cups coconut flakes, pecans, 1 teaspoon vanilla, and ¼ teaspoon almond extract. Let cool.

Fill the cupcakes with the filling and top with the little slice of cake you cut off the cones.

In a dry skillet over medium heat, toast the remaining ¼ cup of coconut until golden brown and fragrant. Let cool.

In an electric mixer, preferably fitted with a paddle attachment, combine the cream cheese and butter and beat until very smooth. Add the 4 cups powdered sugar and, starting on low then increasing to high, beat in the sugar until fully incorporated. Scrape down the sides of the bowl as needed. Beat in the remaining 1 teaspoon of vanilla extract and ½ teaspoon almond extract.

Frost the cupcakes and top with toasted coconut.