PSX controler adapter for N64

A couple of weeks ago I went to a flea market and found this accessory for the N64 which seams to be some sort of Adapter for using PSX controlers. When I got home I pluged the thing in to test it out with one of my old 3rd party PSX controls, but unfortunatly, it didn't work. I know that it was getting power as their was a little light on the control that turned on when I had it plugged in. Basicly what I want to know is what do you all think should I do with it now? is their any diagrams on the net that would show me how to get it to work, or should I just throw it away and be done with it?
 
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