1. Whisk all the dry ingredients in a mixing bowl. In a separate mixing bowl, beat the eggs with oil, extracts, buttermilk and sprinkles. Mix the combined dry ingredients into the wet ingredients.
2. Grease a donut tray thoroughly. Pour batter into a piping bag and cut a small tip of the corner of the bag. Fill the donut tray about 3/4ths way full.
3. Bake at 350F for about 14-16 minutes (the rims of the donuts should be golden brown). Cool for about 15-20 minutes prior to removing from donut tray and glazing.
4. For the glaze: In a mixing bowl, combine the powdered sugar and cocoa powder, and then add in the milk and vanilla extract. Stir for about 2 minutes or until the mixture is combined.
5. In a separate bowl, melt the butter with chocolate squares and water for about a minute in the microwave. Stir and microwave for another 30 seconds if the mixture is not fully melted. Pour the chocolate into the powdered sugar mixture. Whisk together until the texture is smooth and shiny.