Spray cookie sheet (I used a glass pan) to nonstick cooking spray.
In a food processor, blend coconut, bread crumbs, salt and cayenne pepper for about 10 seconds. Dump coconut mixture into a large ziploc bag or a shallow pan/dish.
Pat shrimp dry with paper towels and place in a medium bowl.
In a small pan heat up honey until it melts, about 2 minutes. Pour honey over the shrimp and toss to coat.
Put shrimp in the bag with the coconut mixture and toss until all of the shrimp is coated.
Place shrimp on the cookie sheet and sprinkle the remaining coconut mixture (that did not stick to the shrimp) over the shrimp. Spray shrimp with cooking spray.
Bake 9-12 minutes or until shrimp turn pink and coconut begins to brown.
If making the apricot sauce, put apricot preserves in the pan that had the honey in it. Add water and allow to cook 2-3 minutes.