Preheat oven to 350 degrees F.
In a small bowl, combine flour and cocoa; set aside.
In a large bowl with an electric mixer, beat butter, sugar, and baking powder until blended. Add egg, vanilla extract, and cherry flavoring; beat until well combined. Gradually beat in flour mixture.
Shape dough into 1-inch balls; place 1/2-inch apart on ungreased cookie sheets.
Press down center of each ball with thumb to create a small hollow; fill each center with a cherry; set aside.
In small pan over low heat, combine chocolate chips and condensed milk; heat until chocolate is melted.
Spoon about 1 teaspoon chocolate mixture over each cherry, spreading to cover cherry.
Bake 10 to 12 minutes or until done. Remove to wire cooling racks and cool.
* If you cannot get fresh cherries, well-drained maraschino cherries may be substituted.