Once the cream cheese is softened, stir in extract until blended. Tint mixture pink or red, as desired. Gradually mix in half of the confectioner's sugar.
On a work surface, knead in the remaining confectioner's sugar until the mixture is smooth.
Divide the mixture into three portions; rolling each portion to 1/4 inch thickness. (Flour or additional confectioners' sugar is not necessary for rolling).
Cut candy with a heart-shaped cookie cutter.
Store in an airtight container in the refrigerator.