Ok, after few days of working on it I was able to properly power it up!!!
Big thanks to all of you guys. Special thanks goes to XANDRIOS for sending me few important remarks on what to do.
Here is the deal. The only 1 pin that needs to be connected to -12V output is pin D2
I have ON/OFF swich wired directly to the board.
That is it!!!
Works like a charm. Now I just need to slow down the fan.... And this is done now and working.