In a small bowl stir together the flax and water, set aside.
In a large bowl, use an electric mixer to cream together the butter and sugars until smooth.
Add the egg and vanilla and beat on high until creamy. Stir in the flax mixture.
In a medium-sized bowl, lightly whisk together the flour, yeast, baking soda, baking powder, salt, cinnamon, and nutmeg until just combined.
Sprinkle the flour mixture over the butter mixture and mix on low speed until just incorporated.
Fold in the oats, chocolate chips, and coconut flakes.
Scoop 2 tablespoons of dough into rounded mounds and place them on a baking sheet lined with parchment paper.
Use your fingers to flatten the rounds slightly, pressing down more if you like the cookies flatter.
Sprinkle with chopped coconut flakes and extra mini chocolate chips (if desired).
Bake cookies in the center part of the oven at 350°F for 8-10 minutes or until the edges are golden.
After 2 minutes, transfer cookies to a wire cooling rack.
Notes
Some moms have told me the recipe makes about 14 to 16 bigger cookies. You can get 24 smaller cookies if you level the tablespoon when measuring. Bigger cookies are always good too!