Bring water to a boil in a medium-size, heavy-bottomed saucepan. Remove it from the heat and add the chocolate. After 1 minute, begin whisking the chocolate until it is completely melted. Return the saucepan to the stove over medium heat and gradually whisk in the milk, cinnamon, and almond flavoring.
Cook until the mixture comes to a full boil, whisking frequently. Lift the pan off the burner until the bubbling subsides. Then place the pan back on the burner and bring it back to a boil again. Repeat, if necessary, until the mixture is smooth. Be careful not to burn the milk. Lower the heat and let it simmer for another 5 minutes.
The chocolate mixture should be thick enough to coat the back of a spoon. Turn off the heat. Pour into mugs and serve immediately.