In a large mixing bowl, mix all the dry cake ingredients together.
Add melted coconut oil, vanilla, eggs, and water and mix well.
Pour batter into a greased 8x8 cake pan.
Bake in preheated oven for 30-35 minutes, or until center top of cake is dry.
Allow cake to completely cool.
Make the Ganache
Prepare Low Carb Sweetened Condensed Milk.
Mix the Condensed milk with 1/4 cup Lily's Chocolate Chips.
Using a wooden spoon handle, poke holes all over the cake.
Immediately pour the chocolate condensed milk mixture over the holes.
Make the Frosting
In a microwaveable container, melt 3/4 cup butter.
Immediately add 3/4 cup Lily's chocolate chips and stir until completely melted.
Place in refrigerator for 30 minutes or until the butter hardens.
Remove from refrigerator and beat frosting using an electric hand mixer. (The frosting should be thick and fluffy.)
Frost cake and refrigerate if desired (but not necessary).
If you do not have the THM Baking Blend, you can use 1/4 cup each of Almond Flour, Coconut Flour, and Flax Meal. Nutrition information per piece: Calories - 519; Fat - 47; Protein - 7; Carbs - 11; Fiber - 9; Net Carbs - 3