Line a large baking sheet with wax paper.
Place the semisweet chocolate chips and white chocolate chips in a medium microwave-safe glass bowl.
Microwave on high for 45 seconds.
Stir the chocolate mixture.
Microwave for an additional 45 seconds, or until the chocolate is almost melted.
Stir until the chocolate mixture is smooth and fully combined.
Add the rice cereal, dried cherries, slivered almonds, vanilla extract, and cherry flavoring to the melted chocolate.
Stir quickly until all ingredients are evenly coated with the chocolate mixture.
Drop the mixture by tablespoonfuls onto the prepared baking sheet.
Place the baking sheet in the refrigerator.
Chill for 1 hour, or until the crisps are firm.
Remove the crisps from the wax paper once set.
Serve chilled or at room temperature.