1) Take a mixing bowl and combine together flakes coconut, condensed milk, almonds and almond extract in it. Set aside for about 30 minutes.
2) Shape the mixture into 3/4 inch balls.
3) Place the balls on waxed paper and cover with another sheet of waxed paper. Set aside for about 8 hours or overnight.
4) Place shortening and chocolate in top of a double broiler and bring water to a boil.
5) Reduce heat to low and cook until chocolate begins to melt. Remove from heat.
6) Dip candy balls into the chocolate mixture and ensure that they get covered completely.
7) Place the balls on waxed paper and chill until firm.
8) Transfer the balls into an airtight container and store in the refrigerator.