In a small bowl, mix yeast, warm water and 1 tsp of sugar. Set it aside for 10 minutes.
In a large bowl, add eggs and, whisk.
Add milk, evaporated milk, melted butter, and yeast mixture and combine till fully incorporated.
Grease a large bowl with oil spray, transfer the mixture, and cover the bowl with a towel. Leave it for an hour and allow it to rise.
Once risen, place dough on floured surface and roll till it's about 1-inch thickness.
Cut dough into round shapes using a cookie cutter (I used a small mason jar!). Place them onto a greased cookie sheet. Cover it with a towel and allow it to rest for another hour.
Heat the oil in a sauce pan and bring to 375F. Put it on low to medium heat and place malasadas to fry until golden brown on each side. Once cooked, place them on a cooling rack or on paper towels.
In a medium bowl, put sugar and place cooked malasadas. Toss them around to evenly coat them. (I suggest you do this when malasadas are still warm.)