Preheat your oven to 350°F (175°C) and line a muffin tin with cupcake liners.

In a measuring cup, whisk together the large egg, egg whites, and cream of coconut. Stir in the water, vanilla extract, coconut extract, and rum extract.

In a stand mixer, combine the cake flour, granulated sugar, baking powder, and salt. Mix on low speed for about 30 seconds.

Add unsalted butter in small pieces and blend until it resembles coarse crumbs. Pour in wet ingredients while mixing on medium speed for 2-3 minutes.

Fold in the drained crushed pineapple gently.

Distribute the batter into the muffin tin, filling each liner two-thirds full.

Bake for approximately 20 minutes, checking with a toothpick for doneness.

Let the cupcakes cool in the tin for 5 minutes, then transfer to a wire rack to cool completely.

In a large bowl, beat the unsalted butter and cream cheese until creamy. Gradually add powdered sugar and remaining extracts, mixing on low until fluffy.

Frost each cooled cupcake generously, using a piping bag for decoration if desired.

Top with toasted shredded coconut and garnish with fresh pineapple, maraschino cherries, or cute paper umbrellas.