In the bowl of a stand mixer, whip the eggs on high speed for 4-5 minutes- until thickened & light yellow in color.
Reduce the mixing speed to medium, pour in the sugar and mix just until incorporated.
Reduce the speed even further to low, and mix in the extract & water.
In a separate mixing bowl, stir together the flour, cocoa powder, baking powder, & salt- just until evenly combined.
Slowly add this mixture into the stand mixer, at low speed, until all the dry ingredients are evenly incorporated- just until the batter's smooth.
Line a 17x11 inch rimmed baking pan with an over-sized sheet of parchment paper. Liberally spray the prepared pan with non stick cooking spray, including the sides.
Pour the batter into the prepared pan. Using an inverted spatula, spread the batter out evenly into the pan.
Bake the cake at 375 degrees for 7-8 minutes, or until a toothpick inserted in the center of the cake comes out clean. Remove the cake from the oven & run a butter knife all around the edges of the pan to release the cake.
Spread a clean kitchen dish towel evenly out over a flat counter top. Sprinkle it with cocoa powder and powdered sugar. Being careful, working with the still hot pan, turn the cake pan upside down over top the prepared dish towel.
Gently lift the pan off. Carefully remove the parchment paper from the cake. Trim away any obviously crusty edges.
Working while the cake is still hot, start at the narrow end of the rectangle and roll the cake up, with the dish towel, like a jelly roll- but careful not to roll it too tight or to press it together.
Transfer the dish towel rolled cake to a wire rack, and let it cool for thirty minutes.