Issues with broken DC-DC Converter

I was trying to bypass the DC DC converter by using a USB cable instead. I connected one of the USB inner cables to pin 7 and the other to ground pin 4 (my power source is a 5v-1a phone charger) and I get around 5v (5.3~). I felt like as soon as I connected them the red LED should light up straight up, but it didn't. I tried following the components between pin 7 and the LED and there's only 1 resistor and 1 transistor. I get continuity between every component but when trying to measure the resistance of the resistor nothing shows up, it's as if the resistor (the 47k ohm one) was broken which although possible, seems unlikely since I cannot measure the resistance of ANY resistor on this board and I feel like every single one of them being destroyed is really unlikely. Also, I do see a voltage drop crossing the LED so I am pretty sure the resistor cannot be broken.

My question is: assuming my board is working and not totally fried, should what I'm doing be working?