So, fwiw, that is a freezer controller - hence the weird, limited temperature range.
The display shows the "Cut-In" temperature setting on the right - that's the temperature that the compressor will turn on ("Cut In") to start to cool the unit down.
You adjust that using the screw to the right. It appears to be set to roughly 40°F now.
The setting on the left is the "Differential" setting, and is adjusted using the screw on the left.
This is how many degrees colder than the "Cut In" temperature the unit will allow before it turns off the compressor (ie: the "Cut-Out" temperature).
It has a minimum setting of 5°F, apparently, and frankly if the thing works at all I'd leave that set as is.
So, from appearances, that controller will keep your beer between 35 and 40°F - if it's working properly...
[edit] If you want your beer held colder, adjust the right screw - remembering whatever you set that to, the beer will range from that setting down to the setting minus 5 degrees. You probably have a few degrees of range before you risk icing up lines or forming beerbergs
Cheers!