Dorothy is now an eighteen year old Indian girl living in our modern day world.
The Cowardly lion is a genetically modified lion, a failed science experiment and his messed up DNA is what makes him cowardly.
The Tin- man is a Cyborg who like the original story wants a heart and hence become fully human.
The Scarecrow is an AI- system whose name is Scarecrow inside a hovering robot and knows only what has been fed into its database.
The Wizard is a nerdy youngster who's a tech genius.
The Wicked witch is an industrialist who entered politics and is now the President of Oz.