The theorem states:
(a) If $x\in \mathbb{R}, y\in \mathbb{R}$, and $x>0$, then there is a positive integer $n$ such that $$nx>y.$$ (b) If $x\in \mathbb{R}, y\in \mathbb{R}$, and $x<y$, then there exists a $p\in Q$ such that $x<p<y$.
Since $x<y$, we have $y-x>0$, and (a) furnishes a positive integer $n$ such that $$n(y-x)>1.$$ Apply (a) again, to obtain positive integers $m_1$ and $m_2$ such that $m_1>nx$, $m_2>-nx$. Then $$-m_2<nx<m_1.$$ Hence there is an integer $m$ (with $-m_2\leq m\leq m_1$) such that $$m-1\leq nx<m.$$
I am having a hard time understanding the reasoning behind the assertion "Hence there is an integer $m$ (with $-m_2\leq m\leq m_1$)" How is this inequality true? If $m$ = $-m_2$, then $-m_2>nx$ which is obviously a contradiction. I understand the finality of the proof is a result of the well ordering of integers. I just don't understand the justification of this particular inequality.
$-m_2 < nx < m_1$, then $nx$ must be inside one of these interval $$[-m_2, -m_2+1), [-m_2+1, -m_2+2), \ldots, [m_1-2, m_1-1), [m_1-1, m_1)$$
so $m$ can take one of the values from $-m_2+1$ up to $m_1$.