In a 3 quart heavy saucepan, stir together the sugar and egg whites until very well mixed. Add the coconut and stir until coated with egg white mixture. Set the mixture over medium heat and cook over medium, stirring often with a wooden spoon or silicone scraper, until mixture is shiny and syrup begins to form. This should take 7 to 10 minutes. Remove from heat and stir in the extracts.
Empty the mixture onto a parchment lined baking sheet or a couple of parchment lined plates and put in the refrigerator to chill. Let mixture for about an hour or until cold.
Preheat oven to 325 and line a large baking sheet with parchment paper or nonstick foil.
Shape the cold coconut mixture into 8 large, tight mounds and arrange about 2 ½ inches apart. Bake for 25 to 30 minutes or until mounds are golden. Allow them to cool for about 20 minutes on the baking sheet, then carefully remove.
If you're interested in dipping them in chocolate, coat about 1/2 cup chocolate chips with a little coconut oil and melt on medium heat in the microwave, stirring ever 30 seconds. Dip or drizzle over macaroons.