1) Preheat the oven to 375°F. Butter or grease your standard doughnut pan.
2) To make the doughnuts: Whisk together the dry ingredients.
3) In a separate bowl, beat the egg, water, oil, and flavor until frothy.
4) Pour the liquid mixture over the dry ingredients, and stir until well combined.
5) Fill each doughnut form about half full, using ¼ cup batter.
6) Bake the doughnuts for 12 to 14 minutes, until they spring back when touched lightly and are very light brown on top.
7) Cool for a few minutes, then spread with glaze, or dust with powdered sugar.
8) To make the glaze: Whisk the glaze ingredients together till smooth, adding cream until glaze is the consistency of molasses.