This device, remember, takes 80-265Vrms wall power and puts out a (relatively) clean 5V DC. According to the datasheet, the way this thing works is by monitoring the voltage of the AC waveform and charging a big electrolytic capacitor during the low voltage segments on the leading and trailing edge of the (half-rectified) wave. The controller then discharges the capacitor to sustain the 5V DC. It claims it can handle a maximum load of 35mA
Be careful working with unisolated AC voltage, that stuff will kill you in an instant. We don’t do it.
FSAR001 AC to 5volt DC regulator – [Link]