Preheat the oven to 350°F and position the oven rack in the upper third of the oven. Place 36 cupcake liners in standard-sized muffin cups. 

Place the cocoa powder and hot water (or coffee) in a small bowl. Whisk until smooth until the mixture looks like melted chocolate. Let it sit for 3 minutes. 

Whisk the sugar into the bowl then stir in the coconut milk and coconut oil. Whisk until well blended. Add the eggs and stir until well combined. 

Sift the flour, baking powder, baking soda, and salt into the bowl. Whisk until well incorporated. 

Pour the batter into the cupcake liners (they should be about ½ full). 

Bake the cupcakes in the upper third of the oven for 22 to 25 minutes or until a toothpick inserted in the middle comes out clean. It is ok if some of the cake batter has to sit on the counter while you bake the first batch of cupcakes. 

Let the cupcakes cool completely before you cover them with the buttercream. 

In a small saucepan, whisk flour into the coconut cream and heat over medium heat, stirring constantly, until it thickens. It should thicken into a pudding-like consistency. Remove from heat and let it cool to room temperature. I transfer it to the freezer and stir it every few minutes. It must be completely cool before you use it in the next step.

While the mixture is cooling, cream the butter, sugar, and salt together until light and fluffy. This is an important step. You need to incorporate air into the butter and make sure it is fluffy and light in color.

Slowly add the completely cooled coconut cream/flour mixture a couple tablespoons at a time, and whip it until it is light and fluffy.

Beat in the vanilla and coconut extracts.

When the cupcakes are completely cool, pipe or spread the buttercream on the cupcakes. Top them with toasted coconut if desired.