Place about 1/4 cup of chocolate melts into a small microwave-safe bowl and melt in the microwave at 40 percent power for 30 seconds; stir and continue to heat for 30 second-intervals until just warm and completely melted.
Poke a hole halfway through a donut with a lollipop stick, then dip the end of the stick into the melted chocolate and reinsert into the hole. This holds the donut firmly on the stick. Stick the donut stick upright into a block of foam and set into refrigerator for 1 hour to firm up.
When donuts are firmly attached to their sticks, melt the remaining chocolate in a microwave-safe bowl on 40 percent power for 1 minute; stir, and melt for 30-second intervals until warm and smoothly melted. Dip the donut into the coating, covering it completely. Hold the dipped donut over a bowl and scatter with sprinkles. Return the decorated donuts to the foam block to set.