Preheat oven to 425 degrees.
In a small bowl, melt coconut oil in microwave for 30 seconds. Remove from microwave and allow to come to room temperature. Meanwhile, measure milk in a 1/2 measuring cup and also allow to come to room temperature. If using a regular egg, also get this out of the refrigerator and allow to come to room temperature.
While those are coming to room temperature, combine baking powder, baking soda, salt, nutmeg and flour in a small bowl. I personally prefer weighing my flour instead of using a measuring cup, and I sift my flour prior to adding it to the other ingredients. Set bowl of dry ingredients aside.
Place melted coconut oil in bowl of stand mixer and allow to "cream" for up to 2 minutes. To that, add the oil, white and brown sugars, and vanilla. Cream ingredients together for 3-4 minutes.
Add aquafaba and whip for up to 1 minute.
Add bowl of dry ingredients and milk, alternating half of each until incorporated. Use a rubber spatula to make sure all flour is dissolved into the batter.
Lightly spray donut pan with cooking oil (like Pam) and fill the wells with batter. I do so by stretching a sandwich bag over the mouth of a tall glass, and pouring batter into the bag. Then cut the tip of the bag, and pipe batter into the 6 separate donut wells.
Bake at 425 degrees for 10 minutes. Allow to cool in donut pan for 5 minutes, then remove and place on cooling rack
While donuts are cooling, place chocolate chips and coconut oil in a large glass bowl. Place over a small pot of boiling water, and allow to melt. Dip completely cooled donuts in melted chocolate glaze. Shake excess off into bowl, and transfer dipped donuts to cooling rack.
Enjoy, with or without sprinkles.