01 - Preheat oven to 350°F. Grease and line an 8x8-inch baking pan with parchment paper. In a large bowl, whisk together the flour, granulated sugar, cocoa powder, baking soda, and salt until evenly combined. In a separate bowl, blend the buttermilk, softened butter, eggs, vanilla extract, and red food coloring until smooth. Gradually fold the wet mixture into the dry ingredients, stirring until just combined and no lumps remain. Pour the batter into the prepared pan and bake for 18 to 20 minutes, or until a toothpick inserted in the center comes out clean. Allow the cake to cool completely in the pan.
02 - In a medium bowl, beat the softened cream cheese with powdered sugar and vanilla extract using an electric mixer on medium speed until light, smooth, and creamy. If the mixture feels too soft to handle, refrigerate for 15 minutes to firm it up.
03 - Crumble the completely cooled red velvet cake into a large mixing bowl, breaking it into fine, even crumbs. Add the cheesecake filling and mix thoroughly with your hands or a spatula until a cohesive, pliable dough forms. Roll the mixture into 1-inch balls, placing each one on a parchment-lined baking sheet. Transfer the tray to the freezer for at least 1 hour, or until the balls are firm and hold their shape.
04 - Melt the chopped chocolate or melting wafers in a microwave-safe bowl in 20-second intervals, stirring between each burst until completely smooth and glossy. Using a fork or dipping tool, submerge each frozen cake ball into the melted chocolate, rolling gently to coat all sides evenly. Lift out, tap off excess chocolate, and return to the parchment-lined sheet. Decorate with sprinkles immediately before the chocolate sets.
05 - Allow the chocolate coating to harden at room temperature, or refrigerate the tray for faster setting. Once fully set, serve chilled or at room temperature. Store leftovers in an airtight container in the refrigerator for up to 1 week.