In a stand mixer fitted with the whip attachment, Sponge Cake Base, water, and eggs on 1st speed for one minute. Scrape down. Whip batter six minutes on third speed. Place in square baking pan, filling pan halfway with batter. Bake until golden brown and cake springs back lightly when touched. Let cool completely.
Mix together equal parts by weight sweetened condensed milk, evaporated milk, and half & half. Weigh cake pour the same weight prepared milk over cake and let soak in completely. Ice the top with VelveTop and place a cherry on top of each slice.