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Add the yeast to the warm water.
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Combine the flour, sugar, and salt.
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Pour the yeast solution over the flour, sugar and salt. Add the egg, condensed milk, and molten butter.
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Mix the ingredients together until a sticky dough forms. Knead for about 10 minutes. Let the dough rest for at least 30 minutes.
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Heat neutral oil in your favorite frying tool to about 350F.
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While the oil is heating, roll out your dough to about 1/4 inch, trying to create a rectangle in the process.
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Slice the dough into small squares.
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Once oil is warm, add the beignet dough to the oil. Flip after 15 seconds or until you see a nice golden brown color. Cook for an extra 15 seconds.
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Remove the beignets from the oil, and place them on a papertowel lined plate.
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Sift powdered sugar over the beignets and dig in.