In a medium saucepan, combine all the ingredients except for 1 cup of the shredded coconut.
On medium heat bring the ingredients to a boil, stirring constantly, then simmer for an additional 5 minutes until it comes together and you can see the bottom of the pan when you stir. Let the mixture cool down completely.
Take a spoonful at a time and form into 1 1/2 balls and place them on waxed paper.
Put the remaining shredded coconut in a small pan and toast it over medium heat until it just starts to turn brown.
Put the coconut in a shallow dish and roll the balls in it, coat it completely.
You can put the covered balls in mini cupcake liners. Chill.