Preheat the oven to 325ºF (165ºC). Grease and flour a bundtlette pan with six 1-cup servings.
In a large bowl, whisk together the flour, sugar, baking powder and salt until well blended. Add the butter and mix, with an electric mixer, on low speed, until the mixture looks sandy.
In a medium-sized bowl, whisk the egg whites, coconut milk, oil and extracts together until smooth and creamy.
On low speed, gradually add the egg mixture to the flour mixture. Turn mixer up to medium speed and beat for 1 or 2 more minutes, just until the batter is smooth.
Transfer batter to the prepared baking pan, dividing the batter equally among the cups. Bake until a toothpick inserted in the center of the cakes comes out clean, about 18-22 minutes. Do not over bake.
Let cakes the cool in pan for 10 minutes, then remove them from the pan and transfer them to a cooling. Frost the cooled cakes and cover with coconut. Top with maraschino cherries or fresh flowers if desired.