Pre-heat the oven to 350 degrees. In a large bowl beat butter and sugar until combined. Add egg and vanilla extract, beat well. Add in flour, cocoa powder, baking powder, salt, baking soda and stir until smooth. Roll the mixture into 1 inch balls. Place each ball onto an ungreased cookie sheet.
Press in the center of each ball with your thumb. Drain cherries and reserve the juice. Place a cherry in the indentation of each cookie.
In a saucepan heat condensed milk and chocolate chips until chocolate is melted and the mixture is smooth. Stir in 4 teaspoons of reserved cherry juice.
Spoon about 1 teaspoon of the mixture over each cherry and spread to cover the cherry. Place into the oven and bake for 10 minutes.