Preheat oven to 350°F. Spread chopped nuts in a single layer on a baking sheet. Toast for 6-8 minutes, then set aside to cool.
In a medium mixing bowl, use a whisk to sift together flour, granulated sugar, cocoa powder, baking powder and salt. Add milk, melted butter, vanilla and almond extracts. Add 3/4 cup nuts and chocolate chips, mix until fully blended.
Spray a 9 x 9 inch pan with cooking spray. Pour batter into pan.
Sprinkle brown sugar and cocoa powder over batter. Dissolve espresso in hot water, then gently pour over the top. Do not stir.
Bake for 35-40 minutes or just until the top is dry.
Scoop into bowls, spoon sauce from bottom of pan over cake.
Serve with vanilla ice cream, sprinkled with additional walnuts, whipped cream and maraschino cherries.