Preheat oven to 375F degrees. Spray donut pan with non-stick cooking spray. Set aside.
In a medium sized bowl, whisk together flour, baking powder, salt, baking soda, nutmeg, and cinnamon. Set aside.
In a large bowl, cream together brown sugar, pumpkin, eggs, milk, unsalted butter, and pumpkin spice bakery emulsion until combined Slowly mix in dry ingredients until just combined. DO NOT OVERMIX!
Using a cookie scoop, scoop pumpkin donut batter into each donut mold (about two scoops of batter for each donut mold). Using a the back of a spoon, spread the pumpkin batter evenly into the donut mold.
Bake donuts for 6-8 minutes or until the donuts spring back when touched. Allow to cool completely before topping each donut with cinnamon glaze.
To make the cinnamon glaze: In a small bowl, mix powdered sugar, milk, cinnamon, and nutmeg until smooth and creamy. Dunk one side of each donut into cinnamon glaze, place on wire rack pan to set. Dunk each donut a second time into cinnamon glaze for the perfect glazed donut, optional!